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Flags with the logo of the energy company Energie Baden-Württemberg (EnBW), taken at the company headquarters.
© Uli Deck/dpa
2022 was marked by the Russian war of aggression on Ukraine and an energy crisis in Germany.
It was to be expected that 2023 would go better for EnBW.
The new boss now presents how good it is.
Karlsruhe - Thanks to good business, not least with gas and coal, the Karlsruhe energy group EnBW achieved an exceptionally high result last year.
According to Wednesday's information, adjusted earnings before interest, taxes, depreciation and amortization (adjusted Ebitda) rose by a good 60 percent to 6.37 billion euros.
However, a decline to 4.6 billion to 5.2 billion euros is expected for this financial year.
According to CFO Thomas Kusterer, it can be assumed that the electricity generated will be sold at lower prices than in 2023.
Eon and RWE also expect a decline in 2023 after a plus.
The new CEO Georg Stamatelopoulos explained that due to the very good results, EnBW would again significantly increase investments in the energy transition in the coming years.
The focus would be on, among other things, the expansion of renewable energies and the network infrastructure, but also topics such as charging infrastructure for electromobility and the energy transition at home.
Gross investments of 40 billion euros are planned by 2030, around 90 percent of which will be in Germany.
“This makes EnBW one of the largest investors in the implementation of the energy transition in this country.”
Sustainability, security, affordability
Stamatelopoulos moved to the top of the company almost three weeks ago after his predecessor Andreas Schell unexpectedly left the group after less than a year and a half due to differences of opinion with the supervisory board about the company's strategy.
“We have the goal and ambition to combine the three major overarching goals of energy supply - sustainability, security of supply and affordability - effectively and in the interest of the energy transition and consumers,” said Stamatelopoulos, according to the statement.
The group has around 5.5 million customers and is Germany's third largest energy supplier.
Stamatelopoulos wanted to answer questions from the media in Stuttgart this morning.
It is also likely to be about whether EnBW sticks to the phase-out of coal announced last year in 2028.
The EnBW boss emphasized in the statement that stable framework conditions are important.
He referred to the power plant strategy and said that the key points were still too vague.
The federal government had announced short-term tenders for ten gigawatts of hydrogen-capable gas power plants.
“If the power plants are to come quickly, we need clarity quickly and the first tenders this year,” said the CEO.
Consequences of war
According to EnBW, the 2023 annual financial statements are primarily attributable to the “Sustainable Generation Infrastructure” area.
Contrary to what the name suggests, the majority of the result of around 4.6 billion euros can be attributed to the area of thermal generation - i.e. coal and gas - and trading.
Due to increased market prices and fluctuations, the amounts of electricity generated were sold at significantly better conditions compared to 2022, it said.
Because the result cannot be continued in this way, CFO Kusterer expects a decline for 2024.
But thanks to an expansion in wind power and photovoltaics, renewable energies now account for 47 percent of the total installed generation capacity.
Compared to 2022, it must be taken into account that this year was marked by the energy crisis as a result of Russia's war of aggression against Ukraine.
The fact that Russia stopped gas deliveries had a negative impact at the time and replacement had to be procured from the EnBW subsidiary VNG for the missing quantities.
Again in 2023, the difficulties at the biogas trader BMP Greengas, among other things, had a negative impact on earnings.
According to the information, the adjusted consolidated surplus attributable to EnBW shareholders is around 2.8 billion euros, almost twice as high as in the previous year.
A dividend of 1.50 euros per share will be proposed to the general meeting - after 1.10 euros last year.
EnBW has been largely owned by the public sector since 2011.
The state of Baden-Württemberg and the OEW association of nine Upper Swabian districts each hold almost 47 percent.
The number of employees increased over the course of a year by more than six percent to 28,630 (as of December 31st).
dpa